Gabon - Microfinance

Four main institutions (FINAM, LOXIA, EDG, and Express-Union) alone account for nearly 91% of the sector's clients. A total of 20 microfinance institutions (MFIs) have been licensed since 2022.

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These microfinance institutions include seven savings and credit cooperatives (which operate within a network) and thirteen public limited companies. These include the African Microproject Finance (FINAM), Loxia, La Régionale, Cofina, Salam Financial and Exchanges (SFE), and Atlantique Microfinance for Africa (Amifa).

According to figures compiled by the Ministry of Economy and Recovery, during the first nine months of 2021, activity in the microfinance sector was characterized by a simultaneous increase in resources and employment. This analysis of activity focuses primarily on eleven institutions, including eight public limited companies.

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The momentum driven by the creation of branches has resulted in an increase in the customer base. Indeed, the sector recorded a 12.9% increase in its customer base, which rose from 233,649 users at the end of September 2020 to 263,926 customers in 2021 during the same period. At the end of September 2021, the equity of MFIs decreased by 20% to 8.4 billion FCFA, compared to 10.5 billion FCFA in 2020, following the deterioration in the financial situation of three second-category MFIs. On the other hand, the analysis of intermediation indicators shows an improvement in activity, reflecting the population's access to financial services. Indeed, deposits collected amounted to 72.3 billion FCFA, an increase of nearly 16.0%, compared to 62.4 billion FCFA in 2020. This development is mainly the result of the commercial performance of the sector leaders.

The analysis by type of deposits highlights a preponderance of demand deposits which represent approximately 75% of the total outstanding amount.

In addition, customer loans consolidated by nearly 30% to 70.4 billion FCFA, correlated with the increase in the banking rate and efforts to support the operating needs of small and medium-sized enterprises.

The BGFIBank group became a shareholder in Financière africaine de micro-projets (FINAM) at the end of 2021 with the aim of making Gabon's first 2nd category microfinance institution "the African benchmark in its sector of activity" over the coming years. BGFIBank's stake should enable Finam to better structure and develop its activities, particularly the deployment plan, which is expected to expand beyond national borders. With a total balance sheet of more than 39 billion FCFA in 2020, Finam has a share capital of 3 billion FCFA and more than 8 billion FCFA in equity. It covers the entire country with a network of 18 branches.